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Yahoo
a day ago
- Automotive
- Yahoo
Can Tesla sales recover in Europe amid Elon Musk backlash? Yahoo Finance readers have their say
Tesla (TSLA) shares rose this week, as CEO Elon Musk confirmed his exit from Washington DC, despite data showing that the electric vehicle (EV) company's sales in Europe nearly halved last month. Musk said in a post on X on Wednesday night that his scheduled time as a special government employee is coming "to an end". "I would like to thank President [Trump] for the opportunity to reduce wasteful spending," Musk wrote on X, referring to his work with the Department of Government Efficiency (DOGE). This came a day after Musk said in a CBS interview, due to be aired in full this weekend, that he believed Trump's tax bill "increases the budget deficit ... and undermines the work that the DOGE team is doing". Musk has faced backlash over his role heading up DOGE and overseeing cuts to government agencies, with protests having been held at Tesla (TSLA) facilities around the world. Tesla sales have continued to fall amid the backlash against the billionaire. Figures from the European Automobile Manufacturers' Association (ACEA), released on Tuesday, showed that sales of Tesla (TSLA) vehicles dropped by 49% to 7,261 units in April, compared with the same month last year. The EV maker's market share declined to 0.7% from 1.3% in April of 2024. ACEA data has shown Tesla's (TSLA) sales in Europe dropping since the start of the year, even as electric car sales grew in the region. Stocks: Create your watchlist and portfolio In April, Tesla (TSLA) reported global deliveries of 336,681 for the first quarter, which missed expectations of 390,342, according to Bloomberg consensus estimates. This made it the worst quarter for deliveries in almost three years. Russ Mould, investment director at AJ Bell (AJB.L), said that given the fall in Tesla's (TSLA) European sales "came against a backdrop of a meaningful increase in European electric vehicle sales more broadly, it suggests the brand damage caused by Elon Musk's political interventions may be lasting". Earlier this week, we asked Yahoo Finance UK readers if they believed that Tesla (TSLA) sales in Europe could recover amid the backlash against Musk. We received 309 votes, with 18% of respondents believing that sales could recover, while 75% disagreed and 7% were undecided on the matter. Read more: What's behind the surge in AI-related lawsuits? UK 'bargain' stocks that have outperformed the market long-term Odds of more Bank of England interest rate cuts fall as food inflation risesSign in to access your portfolio
Time of India
3 days ago
- Automotive
- Time of India
Tesla's monthly sales in Europe plunge by half, signalling backlash against Musk runs deep
HighlightsTesla sales in Europe fell by 49 percent in April, dropping to 7,261 vehicles sold compared to 14,228 the previous year, amid a growing electric car market. The decline is attributed to backlash against CEO Elon Musk's political views, an aging model lineup, and increased competition from lower-cost electric vehicle brands, particularly from China. In contrast to Tesla's struggles, sales for battery-electric vehicles across all manufacturers in Europe rose by approximately 28 percent during the same period. Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Sales of Tesla vehicles in 32 European countries tumbled 49 per cent to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers' Association, or ACEA. At the same time, sales of battery-electric vehicles by all manufacturers rose about 28 per cent. Meanwhile, sales of gasoline and diesel powered cars slumped. The figures, which cover the European Union's 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released earlier this month that had pointed to a sales collapse. Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands, particularly from China. In one sign that Tesla appears to be losing ground to cut-price Chinese brands, sales at China's SAIC zoomed up 54 per cent in April, according to the ACEA figures. SAIC owns a slew of auto brands including UK-based MG, known for its low-cost EV models. Tesla is also suffering because it had to shut down factories for several weeks this year while upgrading its best selling Model Y sport utility vehicle, pinching supply. For the first four months of the year, Tesla's European sales fell roughly 39 per cent to 61,320 while the continent's auto market as a while showed little change during the same period, according to the data.
Time of India
3 days ago
- Automotive
- Time of India
Tesla's monthly sales in Europe plunge by half, signalling backlash against Musk runs deep
HighlightsTesla sales in Europe fell by 49 percent in April, dropping to 7,261 vehicles sold compared to 14,228 the previous year, amid a growing electric car market. The decline is attributed to backlash against CEO Elon Musk's political views, an aging model lineup, and increased competition from lower-cost electric vehicle brands, particularly from China. In contrast to Tesla's struggles, sales for battery-electric vehicles across all manufacturers in Europe rose by approximately 28 percent during the same period. Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Sales of Tesla vehicles in 32 European countries tumbled 49 per cent to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers' Association, or ACEA. At the same time, sales of battery-electric vehicles by all manufacturers rose about 28 per cent. Meanwhile, sales of gasoline and diesel powered cars slumped. The figures, which cover the European Union's 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released earlier this month that had pointed to a sales collapse. Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands, particularly from China. In one sign that Tesla appears to be losing ground to cut-price Chinese brands, sales at China's SAIC zoomed up 54 per cent in April, according to the ACEA figures. SAIC owns a slew of auto brands including UK-based MG, known for its low-cost EV models. Tesla is also suffering because it had to shut down factories for several weeks this year while upgrading its best selling Model Y sport utility vehicle, pinching supply. For the first four months of the year, Tesla's European sales fell roughly 39 per cent to 61,320 while the continent's auto market as a while showed little change during the same period, according to the data.
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla European sales decline amid increasing competition
Tesla's sales in the European Union (EU) have seen a decline the fourth consecutive month as the US-based electric carmaker struggles to compete with Chinese rivals. Tesla sold 7,261 cars in Europe in April 2025, down 49% year on year, according to the European Automobile Manufacturers' Association (ACEA). This comes despite the overall rise in battery-electric vehicle (BEV) sales across Europe, which increased by 27.8%. The decline in Tesla's fortunes in the region is attributed to a combination of factors, including a backlash against CEO Elon Musk's political views, a lukewarm response to the new Model Y, and increasing competition from European and Chinese manufacturers. ACEA reported that overall car sales in Europe saw a marginal decrease of 0.3%, with electric and plug-in hybrid cars experiencing the strongest growth. Tesla's market share in Europe has halved from 1.3% to 0.7% over the past year. European carmakers are currently facing challenges such as cost-cutting measures, US tariffs on auto imports, and a slowing global economy. Despite these challenges and the easing of US-China trade tensions, the future of the automotive sector remains uncertain. In April, car sales in the EU, Britain, and the European Free Trade Association fell to 1.07 million, a decline after a 2.8% growth rate in March, according to ACEA data. While Tesla struggles, other manufacturers like SAIC Motor and Mitsubishi have seen sales increases of 24.5% and 22.1%, respectively. Conversely, Mazda experienced a 24.5% drop in sales. Within the EU, excluding Britain and the EFTA, car sales have decreased by 1.2% this year, despite a surge in demand for electric vehicles. BEV, plug-in hybrid (PHEV), and hybrid-electric (HEV) car registrations have risen by 26.4%, 7.8%, and 20.8%, respectively. EVs now account for 59.2% of passenger car registrations in April, an increase from 47.7% the previous year. Among the largest EU markets, Spain and Italy saw total car sales rise by 7.1% and 2.7%, respectively. In contrast, sales in France and Germany fell by 5.6% and 0.2%, while Britain experienced a 10.4% decrease in registrations. "Tesla European sales decline amid increasing competition" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
New Indian Express
3 days ago
- Automotive
- New Indian Express
Tesla's monthly sales in Europe plunge by half, signaling backlash against Musk runs deep
LONDON: Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Sales of Tesla vehicles in 32 European countries tumbled 49% to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers' Association, or ACEA. At the same time, sales of battery-electric vehicles by all manufacturers rose about 28%. Meanwhile, sales of gasoline and diesel powered cars slumped. The figures, which cover the European Union's 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released at the start of this month that had pointed to a sales collapse. Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands, particularly from China. U.S. President Donald Trump's trade war has also turned Europeans off buying American brands. In recent days, Trump threatened to impose a 50% tariff on EU goods, accusing the bloc of being 'very difficult to deal with,' before agreeing to delay the duties until July.
